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Americans spent $621.3 billion at retail stores and restaurants last month, according to the Census Bureau. That’s up 0.6% from the Bureau’s revised estimate of $617.9 billion in May. Economists expected a 0.4% decline over the month, according to Bloomberg.
The US economy is mainly a consumer economy, with personal consumption amounting to about two-thirds of the nation’s GDP. The Census Bureau’s monthly estimates of retail and food services spending gives a helpful indicator for how that crucial part of the economy is doing.
Retail sales plummeted during the early months of the pandemic, but quickly details ⇒
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